MONEY LAUNDERING REGULATIONS

MONEY LAUNDERING REGULATIONS

Anti-Money Laundering Supervision

The regulations apply to a number of different business sectors, including accountants, financial service businesses, estate agents and solicitors.

Every business covered by the regulations must be monitored by a supervisory authority. Your business may already be supervised, for example, because you’re authorised by the Financial Conduct Authority (FCA) or belong to a professional body like the Law Society.

If not, and your business falls into one of seven business sectors, you’ll need to register with HMRC.

HMRC as Supervisory Authority

HMRC is the supervisory authority for:

• money service businesses not supervised by the Financial Conduct Authority (FCA)
• high value dealers
• trust or company service providers not supervised by the FCA or a professional body
• accountancy service providers not supervised by a professional body
• estate agency businesses
• bill payment service providers not supervised by the FCA
• telecommunications, digital and IT payment service providers not supervised by the FCA

You need to register with HMRC if you carry out activities typically associated with these types of organisations by way of business and you are not already registered.

You may have to pay a penalty or face prosecution if you:

• carry on your business without registering first
• continue to carry on your business after you have deregistered or after HMRC has cancelled your registration